Mortgage application activity, which includes both refinancings and home purchase loans, dropped 0.3 percent in the week ending Nov. 22, according to the MBA’s index. That marks a 7 percent drop in mortgage applications in the past four months.

Refinancing applications, which make up the biggest bulk of applications, ticked up slightly at 0.1 percent. Purchase applications, viewed as a leading indicator of future home sales, dropped 0.2 percent.

The MBA reports that the 30-year fixed-rate mortgage rose 2 basis points and averaged 4.48 percent in the latest week.

The MBA’s index reflects more than 75 percent of U.S. mortgage applications.